Business Basics
This is the combination of product, price, place, and promotion.
A. Branding
B. Marketing Mix
C. Sales Strategy
D. Product Life Cycle
Marketing Mix
The stage where a product is first launched.
A. Growth
B. Decline
C. Introduction
D. Maturity
Introduction
Positive feedback to boost morale.
A. Performance Evaluation
B. Motivational Praise
C. Safety Policy
D. Quota
Motivational Praise
A business owned by one person.
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Franchise
Sole Proprietorship
Identifying potential customers.
A. Closing
B. Prospecting
C. Pre-approach
D. Branding
Prospecting
Creating a unique identity for a product or company.
A. Promotion
B. Branding
C. Prospecting
Branding
Stage where sales increase rapidly.
A. Maturity
B. Growth
C. Decline
Growth
A formal review of employee performance.
A. Evaluation
B. Performance Evaluation
C. Safety Policy
Performance Evaluation
A business owned by two or more people.
A. Partnership
B. LLC
C. Franchise
Partnership
Researching customers before contacting them.
A. Prospecting
B. Pre-approach
C. Follow-up
Pre-approach
A statement explaining a company’s purpose and goals.
A. Mission Statement
B. Vision Statement
Mission Statement
Stage where competition increases and sales peak.
A. Maturity
B. Growth
Maturity
Rules designed to protect workers from hazards.
A. Business Policy
B. Safety Policy
Safety Policy
A structure that protects owners from personal liability.
A. Sole Proprietorship
B. LLC
LLC
A detailed description of a target customer.
A. Sales Quota
B. Customer Profile
Customer Profile
A forward-looking statement describing what a company aims to become. (This is where the business is going)
_____ statement
vision
Stage where sales decrease due to new competitors or trends. (an old phone stops making sales)
______stage
Decline Stage
Guidelines that direct decisions in a company. (our business does not sale alcohol)
____Policy
Business Policy
Operating under an established brand’s system. (I.E Chick-fil-A)
_____ business
Franchise
A sales goal set for a period of time. (i.e. you have to sale 5 cars per month)
sales_____
Sales Quota
U.S. agency that supports small businesses with loans and counseling.
Small Business Administration (SBA)
Making improvements to an existing product to increase appeal.
Product Modification
Law covering minimum wage, overtime, and child labor.
Fair Labor Standards Act (FLSA)
Business structure combining flexibility and liability protection.
Limited Liability Corporation (LLC)
A creative process where ideas are generated freely without judgment.
Brainstorming